Core Insights - Stable and Theo have jointly committed over $100 million to the Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA), a tokenized U.S. Treasury fund managed by FundBridge Capital and Wellington Management, utilizing the tokenization platform Libeara [1][2] Group 1: Fund Overview - The ULTRA fund has received a rare AAA rating from Particula, indicating its institutional-grade quality and is one of the first major Treasury strategies available in tokenized form on Stable's USDT-powered stablechain [2] - The capital infusion into ULTRA provides immediate liquidity for institutional investors looking to access short-duration U.S. Treasury bills on-chain [2] Group 2: Market Trends - Institutional interest in the tokenization of traditional assets remains strong, with projections estimating that the tokenization of real-world assets could grow to $10 trillion by 2030 [3] Group 3: Product Features - Theo's thBILL token offers on-chain access to yield-bearing assets, allowing investors to gain exposure to ULTRA's underlying Treasury strategy [4] - Libeara ensures compliance with regulatory standards through its tokenization infrastructure, enhancing the fund's credibility [4][8] Group 4: Strategic Partnerships - The partnership involves investment leadership from Wellington Management, fund expertise from FundBridge Capital, and secure custody services from Standard Chartered [5] - Stable aims to provide foundational financial infrastructure for institutions, facilitating access to previously unreachable on-chain financial products [5] Group 5: Technical Advantages - Theo's co-founder highlighted that Stable's architecture, utilizing USDT as native gas and offering sub-second finality, addresses barriers to tokenized asset adoption, promoting rapid growth for products like thBILL [6] Group 6: Growth Metrics - Theo's thBILL has quickly surpassed $200 million in assets under management, becoming the third-fastest tokenized Treasury product to reach $100 million [7] - Libeara's digital infrastructure supports over $1 billion in compliant tokenized assets globally [7]

Market Trends & Adoption - Capital deployed into thBILL surged 50% in the past month, reaching nearly $200 million [1] - This marks a rapid rise in active usage across DeFi [1] - thBILL is currently ranked 5 among all tokenized U S Treasuries [2] Key Players & Partnerships - Theo_Network continues to lead with real adoption [1] - Stable and ConcreteXYZ committed $75 million in pre-deposits to mint thBILL natively on mainnet Stable, as part of a $1325 billion pre-deposit campaign [1] - Integrated with Pendle, Euler, Morpho [2] thBILL Positioning & Features - Positions thBILL as a yield-bearing stablecoin backed by AAA/AA+ assets from Libeara (Standard Chartered) and Wellington built for onchain payment infrastructure [1] - Onchain treasuries are scaling, thBILL is leading with usage, liquidity, and trust [1] - $135 million+ on Arbitrum [2] Financial Inflow - Inflow $70 million in the last 30 days [2]

Market Trends & Token Performance - RWA (Real World Asset) sector is down roughly 35% [1] - Theo Network's tokenized asset, $thBILL, shows growth of approximately +60% over the last 30 days, ranking 1 in growth [1] DeFi Integration & Liquidity - $thBILL is integrated into DeFi across Ethereum, Arbitrum, Hyperliquid, and Base [1] - $thBILL is live on 5 DEXs (Decentralized Exchanges) and 6 money markets [1] - New demand routes directly into onchain usage due to existing integrations [1]

Real World Assets (RWA) Growth - Token Terminal identifies the fastest growing Real World Assets (RWAs) [1] - The list includes both USD and EUR denominated RWAs [1] Top RWAs by Growth - USCC (Superstate) leads the list of fastest growing RWAs [1] - EURA (Angle Protocol) ranks second in RWA growth [1] - XAUT (Tether) is the third fastest growing RWA [1] - PYUSD (PayPal) is listed as a fast-growing RWA [1] - VBILL (VanEck/Securitize) is among the fastest growing RWAs [1] - USYC (Circle) is identified as a fast-growing RWA [1] - USTB (Superstate) is also on the list [1] - GHO (Aave) is recognized as a fast-growing RWA [1] - RLUSD (Ripple) is included in the list [1] - thBILL (Theo Network) is listed as a fast-growing RWA [1] - EURC (Circle) is identified as a fast-growing RWA [1] - WTGXX (WisdomTree) is among the fastest growing RWAs [1]

Key Issuers & Chains - The report identifies issuers and chains as two 'investable' columns, with Ethereum being present on each row [1] Fastest Growing RWAs (Real World Assets) - USCC from Superstate Inc is identified as the fastest growing RWA [1] - EURA from Angle Protocol is among the fastest growing RWAs [1] - XAUT from Tether is listed as a fast-growing RWA [1] - PYUSD from PayPal is included in the list of fastest growing RWAs [1] - VBILL from Vaneck US and Securitize is noted as a fast-growing RWA [1] - USYC from Circle is identified as one of the fastest growing RWAs [1] - USTB from Superstate is listed among the fastest growing RWAs [1] - GHO from Aave is included in the list of fastest growing RWAs [1] - RLUSD from Ripple is noted as a fast-growing RWA [1] - thBILL from Theo Network is identified as one of the fastest growing RWAs [1] - EURC from Circle is listed among the fastest growing RWAs [1] - WTGXX from WisdomTree Funds is included in the list of fastest growing RWAs [1]

RWA（Real World Assets）增长最快的项目 - USCC @SuperstateInc 增长速度领先 [1] - EURA @AngleProtocol 位列第二 [1] - XAUT @Tether_to 排名第三 [1] - PayPal 的 PYUSD 也在快速增长之列 [1] - VanEck 的 VBILL @vaneck_us @Securitize 同样表现出色 [1] 其他值得关注的 RWA 项目 - Circle 的 USYC 和 Superstate 的 USTB 也在快速增长 [1] - Aave 的 GHO 和 Ripple 的 RLUSD 同样值得关注 [1] - Theo_Network 的 thBILL 和 Circle 的 EURC 也在增长之列 [1] - WisdomTreeFunds 的 WTGXX 也在快速增长 [1]

Tokenized Assets Growth - The two fastest growing tokenized assets in the past 90 days are thBILL by Theo_Network and mF-ONE by MidasRWA [1]

Tokenized Asset Growth - The tokenized asset sector has seen rapid growth in specific assets [1] - Theo_Network's thBILL and MidasRWA's mF-ONE are identified as the two fastest-growing tokenized assets over the past 90 days [1]

Fastest Growing RWAs (30d TVL Growth) - USDCV (Societe Generale) is among the fastest growing RWAs [1] - USCC (Superstate) shows significant growth [1] - MTBILL (Midas) demonstrates rapid growth [1] - XAUT (Tether) experiences notable growth [1] - USDG (Global Dollar Network) exhibits fast growth [1] - cUSD (Cap) is among the fastest growing RWAs [1] - deUSD (Elixir Protocol) shows significant growth [1] - Reserve Index (Reserve) demonstrates rapid growth [1] - JAAA (Centrifuge) experiences notable growth [1] - MF-ONE (Midas) exhibits fast growth [1] - thBILL (Theo) is among the fastest growing RWAs [1] - RLUSD (Ripple) shows significant growth [1] - PAXG (Paxos) demonstrates rapid growth [1] - USTB (Superstate) experiences notable growth [1] - WTGXX (WisdomTree) exhibits fast growth [1]

Real World Assets (RWA) Growth - Token Terminal identifies fastest growing RWAs based on 30-day TVL (Total Value Locked) growth in percentage [1] - The list includes various RWAs such as USDCV, cUSD, USCC, MTBILL, XAUT, deUSD, USDG, Reserve Index, MF-ONE, JAAA, thBILL, PAXG, PYUSD, FDIT, and RLUSD [1] Specific RWA Projects - Societe Generale is associated with USDCV [1] - Cap is associated with cUSD [1] - Superstate is associated with USCC [1] - Midas is associated with MTBILL and MF-ONE [1] - Tether is associated with XAUT [1] - Elixir Protocol is associated with deUSD [1] - Global Dollar Network is associated with USDG [1] - Reserve is associated with Reserve Index [1] - Centrifuge is associated with JAAA [1] - Theo is associated with thBILL [1] - Paxos is associated with PAXG [1] - PayPal is associated with PYUSD [1] - Fidelity is associated with FDIT [1] - Ripple is associated with RLUSD [1]